Asked in Law & Legal Issues
What legal effect does an expression of interest deposit have?
December 27, 2014 3:48PM
Not much. You are paying someone to hold a property for a short period of time because you want to buy it. You are giving a deposit. But unless you put it in writing, the seller is under no obligation to sell to you, nor are you obligated to buy. Basically it is a tactic designed to make all parties feel that you are buying the property in hopes that they won't continue to entertain other offers.